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Economic Differences between First and Third World CountriesNameUniversityCourseTutorDateEconomy is a word that refers to the ly arrangement and management of internal dealings of a nation as well as any cracked asylum that is kept up by production together with outlay . It is not only measured by the measure produced by a orbit , but also by what it produces . It is forthwith related to wealth or financial considerations . On the said(prenominal) note , advanced-income economies or first knowledge base countries are the richest countries in the world . These are countries where most of the people ready graduate(prenominal) living standards and the Gross National Income per capita was 9 ,266 or frequently in the 1999 . On contrary , a low-income economy hoidenish is a country whose Gross National Income is 825 or le an (The World Bank Group , 2004 . These are the most inconsiderate countries of the world . This examines the economic differences between high- income and low- income economies as well as reasons for these differences .

It also outlines the possibility of nearby improvement in economies of these countriesThird world countries are marked by a number of indistinguishable traits . First they study highly distorted and reliant economies rend to producing primary commodities for the first world countries . Additionally , they provide markets for stainless products from these first world countries Moreover , third world countries produce widespread beggary but despite the rural scan tiness and urban shantytowns , the elites ar! e wealthy (Tmh , 2007 Further , they either cast off no or little industrial...If you want to get a full essay, order it on our website: OrderEssay.net

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